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igomit [66]
2 years ago
8

SuperSports Inc.reported pretax financial income of $260,000 for the year 2016. Taxable income of SuperSports is however differe

nt from its pretax financial income because of the items given below.
Depreciation deducted on the tax return is $40,000 greater than the depreciation charged on Income Statement.
Estimated Warranties Expenses charged to Income Statement is $30,000 but Warranties expenses deductible on tax return are $20,000
$3,200 appear in the income statement of SuperSports as Fines and penalties paid.
SuperSports received $ 6,000 interest from Tax Saving Municipal Bonds.
Enacted Tax Rate for the year 2016 is 30% and for 2017 is 35%

Required: For the year 2016, SuperSports Inc. requests you to:

Identify items of permanent and temporary difference from the information given
What items of temporary difference result in future taxable amounts and what items will result in future deductible amounts
Compute Taxable Income
Compute current income tax expense/Tax payable
Compute deferred taxes ( Deferred Tax Liability and Deferred Tax Asset)
Record journal entry for Income Tax Expense
Show how deferred taxes will be reported in the Balance Sheet.
Business
1 answer:
CaHeK987 [17]2 years ago
8 0
900009 It’s allisongiglio11
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The adjusting entry to account for use of supplies consists of a: Multiple Choice debit to Supplies Expense and a credit to Supp
barxatty [35]

Answer:

debit to Supplies Expense and a credit to Supplies

Explanation:

The adjusting entry to use the supplies is shown below:

Supplies expense Dr XXXXX

           To Supplies XXXXX

(Being the supplies is adjusted)

For recording the adjusting journal entry, we debited the supplies expense and credited the supplies so that the proper posting could be done

Hence, the first option is correct

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2 years ago
Holding all else constant, if people who are currently discouraged workers decide to start looking for jobs again, you will see:
kirill115 [55]

Answer:an increase the unemployment rate.

Explanation:Holding all else constant, if people who are currently discouraged workers decide to start looking for jobs again, you will see: an increase the unemployment rate.

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2 years ago
When using trial and error to compute the yield to maturity (YTM) for a 6 percent coupon bond that trades at a premium, the proc
kvv77 [185]

Answer:

The correct answer is Lower than.

Explanation:

The yield at maturity (YTM) of a bond is the total return (which includes interest and capital gain) that it obtains upon expiration. It is expressed as a percentage and tells investors what the return will be if they acquire the bond and keep it until the issuer reimburses it. It is difficult to calculate the yield to maturity with precision, but you can approach its value if you use a profitability table or one of the many calculators that are available on the Internet for this purpose.

3 0
2 years ago
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The envelope system is especially helpful for expenses like:.
Kruka [31]

The envelope system is usually helpful for items that tend to bust your budget. Things like gas, groceries and bills.

6 0
2 years ago
Barry’s BarBQue incurred the following costs: $1,400 for ribs, 45 hours of labor to cook the ribs at $10 per hour, $50 for seaso
Ksju [112]

Answer:

The total product costs is $2,050

Explanation:

Given cost:

Ribs cost = $1,400

Labor cost = 45 hours × $10 per hour = $450

Seasoning and Sauce cost = $50

Advertising = $300

Grill cost = $150

Administrative cost = $100

By using these cost, we can easily compute the total product cost.

The product cost is that which is attached to the product. It can be direct material, direct labor, etc.

So product cost = Rib cost + Labor cost + Seasoning and Sauce cost + Grill cost

= $1,400 + $450  +  $50 + $150

= $2,050

Other cost is not considered because they are related to general & administrative cost, selling cost which termed as period costs.

So, the total product costs is $2,050

4 0
3 years ago
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